Ghana’s Vice President, Dr. Mahamudu Bawumia, has expressed concern over the impact of exchange rate hikes on the country’s economy. In a speech delivered during the commissioning of the new head office of the Bulk Oil Storage Transportation Company in Accra on Wednesday, March 15, 2023, Bawumia revealed that he had been losing sleep over the issue, which he said was a major challenge facing the country.
Bawumia acknowledged that exchange rate instability had been a long-standing issue in Ghana, and one that had posed significant challenges to the economy. He noted that while the government had made some progress in addressing the issue, there was still much work to be done.
The Vice President highlighted the importance of stability in the exchange rate, stating that it was crucial for economic growth and development. He emphasized that the government was committed to implementing policies that would help stabilize the exchange rate, including measures to boost exports and reduce imports.
Bawumia’s comments come at a time when Ghana is facing significant economic challenges, including rising inflation, high public debt, and slow economic growth. The Vice President’s focus on exchange rate stability is a reminder of the importance of this issue to the country’s economic future.